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 & (1) \\
VARIABLES & FD\_l\_mu\_sepcal\_TL\_sFSQ\_t1\_w \\ \hline
 &  \\
l\_va\_total\_FD & -0.0209** \\
 & (0.0102) \\
l\_va\_total\_FD\_d\_inter & 0.355*** \\
 & (0.0495) \\
Constant & -0.00547*** \\
 & (0.000815) \\
 &  \\
Observations & 8,051,767 \\
R-squared & 0.000 \\
Firm FE & No \\
Year FE & No \\
Cluster & Sector * Year \\
 Filter & FD \\ \hline
\multicolumn{2}{c}{ Robust standard errors in parentheses} \\
\multicolumn{2}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
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